An accounting system’s main functionality or purpose is to keep records of a firm’s financial transactions. Your basic or traditional accounting systems basically employ what is referred to as a ‘general ledger defining a plurality of “accounts’, which in comparison to the more modern computerized accounting system which automates the process of accounting for financial transactions. Although specific implementations of a computerized accounting system may vary, computerized accounting systems generally conform to the long-established paradigm of a general ledger comprising a plurality of accounts. The focus of this post will be centralized on the modern computerized accounting system with a deeper focus on customized accounting softwares.
Some of the benefits of having a computerized accounting system can be stipulated as follows;
- Improved Accounting Accuracy
- Speed and saves time
- Reduced overall costs and resources
- Automation.
- Integration with other systems.
- Real-time financial information.
Now the question you must be having is how do these custom made accounting software’ benefit your firm, below are some of the detailed benefits of how these accounting software can benefit your firm;
Implementation
The transition from manual to computerized accounting systems can seem to be challenging but in actual fact, it is easy to implement it to your needs because you are basically informing the software architect on what you need the customized accounting system to be able to do rather than importing an accounting software that basically requires to change the one your current accounting system works in order to meet its requirements.
Support
for customized accounting software is mainly paid in the purchase of the software which means that you have continuous support as long as you are still in use of the software. while the other computerized accounting software may need purchased support yearly for maintenance of your package which includes; updating, adding in features, and protection which you will have to pay at all points of support.
Specialized needs (tailored)
in most accounting packages will typically suit most types of businesses. For example systems that are not custom made like Tally and QuickBooks, are made using their manufacturing country’s accounting standards which may not be aligned with your firm’s needs. However, customized accounting software is designed to meet your specialized needs as a firm and can easily be integrated in other systems that the firm uses.
Fully Customized Quotations and Invoices
these are completely customized to your firm’s requirement on how they need the invoice to appear whether digital or classic on A4. You are able to present your work in the best light and secure the next order. If your business sends invoices, being able to email them and accept online payments helps you get paid faster. Custom accounting software programs integrate with your local third-party payment processors while others require you to use their in-house processing services which in most cases might limit your firm’s functionality or delay processes. other documents include an account of the statement, chart of accounts, reports, and recipients
Data input functions
in a computerized Accounting system, after the data is captured, it is converted into machine-readable information. In most cases, source data automation devices capture data at the time and place of the origin in which they are used. For example, barcode scanners used in retail stores can record the sale transaction just as scanning devices read the codes located on the products. In the instance where your firm has put in place a customized accounting software it is notable to say that the software is tailor-made for your product, this scratches off chances of duplicating work in which you need double-entry just to make sure your data is accurate.
One of the most important benefits in custom accounting software is its
Bank Reconciliation system.
Custom accounting software breeds tailor-made reconciliation tools that identify potential matches between your bank transactions and the bills and invoices that you’ve entered into the accounting software. You may all agree that in most cases it is hard to integrate an imported accounting and your banking system, this is where the customized accounting software edges out on the normal “routine” accounting software because you are able to have this software perform exactly to your requirement at a cheaper cost with instant support from the service provider.
Payroll System
Payroll is a critical operation for every organization to pay employees accurately their salary and enrollments on time. The idea of taking control of employees’ pay calculations are quite tedious if done manually and require more effort and time mainly for big organizations. The beauty in using a customized payroll accounting system is that it takes into consideration the following
- Payroll Tax
- Employee Pension
- Medical Cover Expense
- Employer Pension Contribution
- Funeral Insurance Contribution
- Group Life Contribution
- Annual & Sick Leave Payments
This is all done in accordance to the labors of the country in which your firm operates, hence coming back to the earlier point of the custom accounting software being tailor-made for your firm’s needs.
If you had to ask for our recommendation in relation to the customized accounting software, we would definitely recommend that you try AWESOME STANDARD ACCOUNTS SOFTWARE, which can be implemented in any type of business setting; Large businesses, medium scale enterprises, small scale enterprises, etc.
